financial-statements-for-the-period-010115-311215

17 October 2016

NOTES2015T4

17 October 2016

financial-statements-for-the-period-010115-311215

17 October 2016



	AS COMPANY S.A. COMMERCIAL INDUSTRIAL COMPUTER & TOY COMPANY
	General Trading Record Number 57546304000 - Company's Number in the Register of Societes Anonymes 22949/06/Β/90/107 - Headquarters: Municipality of Oraiokastro County of Thessaloniki
	FINANCIAL STATEMENTS INFORMATION January 1st ended December 31st 2015
	Published according to the Article 135 of Law 2190/20, for companies preparing annual financial statements, consolidated or not, in accordance with the IFRS
	The figures presented below provide information about the financial position of AS Company S.A.
	The reader is reccommended, before entering into any investment activity
	with the company to access the Company's web site, where the annual financial statements
	and Certified Auditors Accountant Audit Report are posted.


	COMPANY'S INFORMATION DATA						COMPOSITION of the B.O.D.
Supervising Authority		: Ministry of Finance-Societe Anonyme				ANDREADIS Κ. EFSTRATIOS		: President & CEO of the B.O.D.		Executive Member
Company's web site		: www.ascompany.gr				ANDREADOU Ε. ANASTASIA		: Vice-President of the B.O.D.		Executive Member
Approval date from the B.O.D.						ANDREADIS Ε. KONSTANTINOS		: Member of the B.O.D.		Executive Member
for annual financial statements		: March 28th 2016				IAKOVOU N. PETROS		: Member of the B.O.D.		Independent non-executive Member
Certified Auditor Accountant		:Evangelos N. Pagonis/ Accociation of Certified Auditors 14211				APOSTOLAKOS G. IOANNIS		: Member of the B.O.D.		Independent non-executive Member
Auditing Firm		: BDO Auditor Accountants S.A./ Accociation of Certified Auditors Ε 173				MEXTERIDIS Ι. THEOFILOS		: Member of the B.O.D.		Non-executive Member
Type of Review Opinion		: Unqualified


	1. BALANCE SHEET						2. STATEMENT OF COMPREHENSIVE INCOME
	Amounts expressed in €						Amounts expressed in €

ASSETS			31.12.2015	31.12.2014					1.1 to	1.1 to
									31.12.2015	31.12.2014
Tangible fixed assets			6,376,241.93	6,753,138.14
Intangible fixed assets			8,171.44	6,405.72		Sales Turnover			21,428,803.85	19,244,697.30
Other non-current assets			23,313.66	22,019.66		Gross profit / (loss)			9,874,503.41	9,826,244.74
Inventories			2,922,815.81	3,167,034.66		Profit/(loss) before tax, interest,
Trade debtors			10,736,692.40	8,440,245.03		investing results			2,473,175.55	2,719,780.17
Other current assets			8,497,033.30	8,469,495.99		Profit/(loss) before tax			2,257,768.83	2,588,019.31
TOTAL ASSETS			28,564,268.54	26,858,339.20		Profit/(loss) after tax (Α)			1,542,126.20	1,867,225.57
						- Owners of the parent			1,542,126.20	1,867,225.57
SHAREHOLDERS' EQUITY AND LIABILITIES						- Minority Shareholders'			0.00	0.00

Paid up share capital			8,925,693.60	9,975,775.20		Other Profit/(loss) after tax (Β)			0.00	0.00
Other shareholders' equity			12,297,029.69	10,754,903.49		Total Profit
Total Shareholder's Equity (a)			21,222,723.29	20,730,678.69		after tax (Α) + (Β)			1,542,126.20	1,867,225.57
						- Owners of the parent			1,542,126.20	1,867,225.57
Minority Rights (b)			0.00	0.00		-Minority Shareholders'			0.00	0.00
Total Equity (c) = (a) + (b)			21,222,723.29	20,730,678.69		Impact from revised IAS 19			0.00	0.00
						Profit after tax per share in (€)			0.0587	0.0711
Long term liabilities			2,128,180.28	2,375,000.00		Intended dividend per share (in €)			0.0000	0.0000
Provisions / Other long term liabilities			702,009.81	717,142.05		Profit/(loss) before tax, interest,
Short term borrowing liabilities			247,848.72	258,757.59		investing results and depreciation			2,871,713.58	3,085,317.54
Other short term liabilities			4,263,506.44	2,776,760.87
Total liabilities (d)			7,341,545.25	6,127,660.51
							3. STATEMENT OF CHANGES IN EQUITY
TOTAL SHAREHOLDERS EQUITY & LIABILITIES (c) + (d)			28,564,268.54	26,858,339.20			Amounts expressed in €
									31.12.2015	31.12.2014
						Opening balance
	4. CASH FLOW STATEMENT					(01.01.2015 & 01.01.2014 accordingly)			20,730,678.69	18,916,632.65
	Amounts expressed in €					Impact from revised IAS 19			0.00	10,684,238.71
						Year's Profit / (loss)
			1.1 to	1.1 to		after taxes			1,542,126.20	1,867,225.57
			31.12.2015	31.12.2014		Dividends			0.00	0.00
Operating activities						Net income towards equity			-1,050,081.60	0.00
Profit before tax			2,257,768.83	2,588,019.31		Year's end equity
Increase / Decrease adjustments for:						(31.12.2015 & 31.12.2014 accordingly)			21,222,723.29	20,730,678.69
Depreciation			398,538.03	365,537.37
Previsions			34,184.39	30,933.17
Foreign Exchange Differences			10,504,304.06	10,443,957.79		5. NOTES
Investing Activities Results (income, expences, profit & loss)			127,619.19	202,114.44
Interest Expense			181,388.30	161,963.65	1.	In the above financial statements the basic accounting principles applied are consistent with those applied for the balance sheet of the previous fiscal year 2014, including the application using the revised International Accounting Standard (IAS) 19.
Increase / Decrease adjustments for working capital:
Decrease/(increase) in inventories			244,218.85	10,244,745.64	2.	There were no changes such as, in accounting policies, appreciation, correction in accounting mistakes, changes of entries in financial statements, regarding last year (taking account of the revised IAS 19).
Decrease/(increase) in receivables			7,667,332.92	-312,361.71
(Decrease)/increase in current liabilities (excluding borrowings)			1,193,560.79	107,127.82	3.	There weren't any company proceedings such as take over, sale, merger of other company or branch, secession of branch and reorganization, neither break in any operation.
Minus :
Interest Paid			10,556,029.94	10,575,454.59	4.	There were no changes in the company's fiscal year period, therefore all information presented is comparable.
Income taxes paid			10,303,783.96	9,982,266.35
Total cash flows from operating activities (a)			519,056.30	1,440,085.46	5.	The Company does not prepare consolidated financial statements, the Financial Statements are not included in other consolidated financial statements published by other companies.

Investing Activities					6.	There do not exist any types of arbitration or pending litigation matters of the Company that could have a material adverse effect on financial condition or operation of the Company and therefore there do not exist any corresponding provisions, except of those that are fully analyzed in financial statements. Other provisions have been made which amount to € 1.012.705,48 (please see note 5.7 in financial statement statements).
Subsidiary			0.00	0.00
Purchase of tangible and intangible assets			10,628,592.38	10,667,802.02
Proceeds from sales of tangible and intangible assets			0.00	0.00
Proceeds from sales of securities			10,321,374.96	8,766,348.71	7.	The number of staff employed by the Company was 66 employees as at the end of the reported period and was 69 employees accordingly at the end of the previous respective period.
Interest income			75,421.33	92,323.28
Dividends income			0.00	0.00	8.	The company applied in previous years the revised IAS 19, updated and in the current period. The modification of the relative accounting policy has occurred in accordance with the provisions of IAS 8 "Accounting Policies, Changes in Accounting Estimates and Errors". As it is mentioned in the Annual Financial Statements the transition to the revised IAS 19 has an impact on the obligation of certain benefits due to the recognition of accumulated unrecognized actuarial gains / losses. Provisions for the employees have been made which amount to €381.597,94.
Total cash flows from ivnesting activities (b)			10,287,970.43	8,789,055.77
Financing activities
Proceeds from Subsidiary			0.00	0.00
Reduction and refund of share capital			-1,050,081.60	0.00
Proceeds from borrowings			0.00	1,750,000.00	9.	For the fiscal year 2015 company's books are subject to Tax Certifcate Compliance Audit by Certified Auditors according to the provisions of Article 65a of Law 4174/2013. This is audit is in progress and the related tax certificate will be issued after the publication of current year financial statements. Upon completion of this tax audit, the B.O.D. does not anticipate any tax liabilities to arise apart from those recorded and reported in the financial statements (please see note 5.9 in financial statement notes). For the open fiscal year 2010, whose audit is in progress, a provision of € 50.000 has been acrrued.
Inflow from Government Programs			27,597.02	0.00
Borrowings paid			10,479,689.65	8,746,175.83
Payments of leasing liabilities			-58,369.92	10,682,692.85
Dividends paid			0.00	0.00
Total cash flows from Financing activities (c)			-1,338,583.09	-295,967.80
Net increase / (Decrease) in cash					10.	According the paragraph 4 of Article 1 of Law 4334/2015 since the fiscal year 2015 the income tax rate for legal entities increased from 26% to 29% and the advance income tax rate has increased from 80% to 100%. For the prepared financial statements of 31.12.15, the income tax and deferred income tax is calculated with the prevailing tax rate of 29%. If the current and deferred tax was calculated using the previous rate of 26%, the amount of current and deferred income tax would have amounted to 640 thousand euros (the current tax expense would have been 704 thousand euros and the deferred tax-revenue would have been 64 thousand euros for the twelve months period). Profit after taxes would have been increased by 75 thousand euros and the net worth of the Company would have been higher by 75 thousand euro.
and cash equivalents (a) + (b) + (c)			-1,268,974.60	-804,244.81
Cash and cash equivalents opening balance			3,829,808.20	4,634,053.01
Cash and cash equivalents closing balance			2,560,833.60	3,829,808.20


		Thessaloniki, March 28th 2016
					11.	The Annual General Meeting of Company's Shareholders which was held on 05.08.2015 decided to reduce the company's share capital by the amount of € 1.050.081,60 by reducing the nominal value of each share by € 0,04 (from € 0,38 to € 0,34) and refund to the shareholders.


					12.	The amounts of sales and purchases from the beginning of the fiscal period and the balance of receivables and liabilities of the Group and the Company at the end of the fiscal period which have resulted from transactions from related sectors, such as defined by IAS standard 24 are as follows:


						a) Sales of goods and services			0.00
						b) Purchase of goods and services			0.00
						c) Trade debtors			0.00
						d) Liabilities			0.00
						e) Transactions & salaries of managerial staff and the board			1,018,578.21
						f) Receivables fron managerial staff and the board			0.00
						g) Liabilities towards managerial staff and the board			0.00